Information from the Trade Development Bureau of Shenzhen, also a special economic zone, said the city approved 1,835 overseas-financed projects last year, with contracts involving about US$2.64 billion, up 17.8 percent and 18.4 percent, respectively.

According to the same sources, Shenzhen has altogether approved 25,443 overseas-backed ventures, and has materialized over US$23.01 billion of overseas investment since it became a special economic zone two decades ago.

By the end of 2000, some 103 out of the city's 180 certified high-tech ventures had had overseas investment, while 78 of the world's top 500 companies had made investments or set up business offices in Shenzhen, and 96 of them have started businesses in this southern Chinese city.

The city has also approved 424 overseas-financed projects to expand their investments, with overseas investors agreeing to pay an additional 814 million US dollars of investment in contracts, said the sources.

The city has also had 56 foreign financial organizations, of which, 29 are operational.

(Xinhua 01/16/2001)